JP Associates has strong support at Rs 80: Merani

Nooresh Merani, AMSEC Research is of the view that Jaiprakash Associates has strong support at Rs 80.

Merani told CNBC-TV18, Technically every time Jaiprakash Associates dips to Rs 80-85 levels and tends to bounce back and it has wild swing so at Rs 80-85 we could see a lot of support so closer to Rs 80 would be a level to watch out for any change. So around Rs 82 would be a buying area.” 
The share touched its 52-week high Rs 106.75 and 52-week low Rs 61.20 on 12 December, 2012 and 24 May, 2012, respectively. Currently, it is trading 21.5% below its 52-week high and 36.93% above its 52-week low.